The DOGE fractal suggests it will see an 85% increase amid whale accumulation

The price of Dogecoin appears to be repeating its 2021 fractal.

Dogecoin is exhibiting a price pattern that resembles its behavior before a rally of 8,000% in 2021, fueling speculation about another significant rise in the coming weeks.

The consolidation trend of DOGE mimics that of 2021 The price of Dogecoin

DOGE

has surged 480% from its August lows, including a jump of 220% following Donald Trump's victory in the November presidential elections. However, the cryptocurrency has now entered a period of consolidation.

In particular, DOGE is trading within a narrow range of USD 0.39 to 0.48, marked by red circles in the previous chart, following its recent parabolic bounce. The consolidation phase reflects that of early 2021, when Dogecoin experienced a strong upward movement followed by a sideways trend before another major breakout.

Another similarity between the price trends of Dogecoin in 2021 and the current one is the weekly relative strength index (RSI).

In December, the weekly RSI had entered overbought territory above 70, a technical signal for a price correction or prolonged consolidation. In 2021, similar overbought conditions did not lead to a significant drop but to continued upward movement.

If history repeats itself, DOGE could initially target USD 0.75 in January 2025, as indicated by Fibonacci retracement projections, reflecting an 85% price increase.

Whale accumulation rises amid Elon Musk's influence

On-chain data further supports the bullish outlook.

Messari shows that addresses holding 1 million DOGE or more now hold 130.2 billion DOGE, marking an all-time high. The increase in the number of whale addresses indicates growing confidence among large investors.